With the addition of new responsibilities and earnings relatively strong during an economic downturn, General Motors Corp. Chairman and CEO Rick Wagoner's 2003 compensation included a cash bonus — his first in three years — and a pay raise.
According to GM's proxy report, Wagoner, who added chairman to his duties in 2003 after the retirement of Jack Smith, received a $2.8 million cash bonus and 10% pay raise to $2.2 million. Total compensation was $8.5 million plus stock options, which is down from $12.1 million in 2002, when he sold shares worth more than $5 million.
Cash bonuses were restored for all GM executives, even though the auto maker's market share declined in 2003. But GM's stock price and income increased appreciably.
Chief Financial Officer John Devine's total compensation increased to $6.5 million in 2003, up from $5.5 million in 2002. The $6.4 million awarded to Bob Lutz, chairman-GM North America and vice chairman-product development, is up from 2002's $5.9 million.
Thomas Gottschalk, executive vice president-general counsel, was compensated $3 million, down from $4 million in 2002.
Compensation for Gary Cowger, president-GM North America, was $2.3 million in 2003 — his first year as an executive officer.
